Did You Know? Female Business Owners on the Rise

Published on Jun 12, 2007   //  Did You Know
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The world of work is changing. Possibly motivated by inequality in the workplace or just a drive to reach the most success they possibly can, more and more Canadian women are self-employed than ever before. Between 1991 and 1996, the number of self-employed women grew 44.3% and we have no reason to believe that this figure has continued to increase since that date. This growth was and continues to be experienced in every province across the nation.

Self-employed women are likely to be highly educated and fairly young. Most female entrepreneurs are under the age of 30. This group rose a solid 30% between 1991 and 1996. Compare this to just a 4% increase among young men. Shattering yet another stereotype, female entrepreneurs are more likely to be married than Canadian women in general (77% vs. 58%): this implies these women are far from being “anti-male”.

A large proportion of these woman-owned businesses are home-based. The most common area of work is the provision of business services: a virtual secretary, so to speak, working from home. The rise of the internet clearly has been a huge factor. Home-based businesses are also much more popular among women who have children, helping them better balance the demands of family life and work. This significantly reduces the costs of child care.

For more on this rising trend, check out the article on about.com.

Did You Know? Entrepreneurs Are Getting Younger

Published on Jun 5, 2007   //  Did You Know
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It’s never too late to get into the game and try to start up a new, successful business, but it certainly doesn’t hurt to get a good jump start on life either. Take a guy like Marc Ecko, for example, the man behind Ecko, “the famous rhino brand.” I’m a big fan of Ecko clothing — I own a pair of Ecko jeans, several Ecko t-shirts, and a couple of Ecko hoodies — but I didn’t know that Marc got his start at such a young age.

Andy Dang, an aspiring t-shirt designer himself, wrote last week about Marc Ecko and his rise to fame. The founder and CEO of Ecko “started designing and selling shirts around the age of 13.” Obviously, his empire was nowhere near as large as it is today, but it does speak to his huge entrepreneurial spirit. In order to succeed in business, especially when working for yourself, all you need is drive and determination. When Marc turned 21 in 1993, he founded the Ecko brand and the rest is history.

With the rising popularity of the internet and online stores, the barriers preventing you from starting your own business have been significantly lowered, making it a lot easier for someone with some entrepreneurial spirit and a good idea to actually succeed. Who knows? You just might be the next Marc Ecko. The famous blue monster brand, anyone?

Did You Know? John Chow Lived Near the Downtown East Side

Published on May 29, 2007   //  Did You Know

Readers who live in Vancouver are probably all too familiar with the term “downtown east side”, but for those of you reading from elsewhere in the country (or world), it likely has no meaning. Well, Vancouver’s Downtown Eastside is known as being one of the poorest postal codes in the country, specifically at the intersection of Main and Hastings. There are many challenges in the area — poverty, drug addiction, prostitution, and so on — but the neighbourhood isn’t without hope.

Take self-proclaimed dot com mogul John Chow, for example. He grew up in Strathcona, a neighbourhood that is immediately adjacent to Vancouver’s Downtown Eastside. Needless to say, the influence of the neighbourhood next door is fairly significant. Despite this (or even because of this), John Chow developed a strong work ethic that sticks with him today. He knew that the only way that he could ever succeed was through his own hard work and dedication.

Today, John Chow runs a personal blog where he shares his money-making strategies. That blog makes in excess of $12,000 a month. What’s more, John also runs The TechZone, a technology site that reviews computer hardware and other components. Believe me, he’s doing much better than someone flipping burgers at the golden arches. And all it took was passion, dedication, and a little elbow grease.

It goes to show you that anyone can succeed in life, even if you come from an immigrant family, a troubled neighbourhood, or have horrible grammar like Chow.

Did You Know: The Small Business Exemption

Published on May 22, 2007   //  Did You Know

Here’s a useful tip for any Canadian small businesses out there. If you’re running a small business on the side, be it selling trinkets online or running a tutoring service, you do not need to register for GST if you take in less than $30,000 per year. Something that you have to bear in mind, though, is that this $30,000 cut off is for all monies received and not net income. So, if you’re in the business of selling something with relatively small margins, the $30,000 can sneak up on you rather easily, even if you only net a few thousand.

This isn’t to say that you shouldn’t register for GST, because there are certain advantages. For example, for any expenses that you accrue as part of running your business, you can receive a portion of the GST paid on this items/services back when you file your own GST. And getting money back from the government is always welcome, right?

Did You Know? Farmboy to Billionaire

Published on May 15, 2007   //  Did You Know

Some people are lucky enough to be born with a silver spoon in their mouths, and as a result, the rich get richer. You can look to people like Donald Trump for those kinds of stories. But what about the rest of us? Do we ever have a shot of “making it big”? The answer is a resounding yes! You just have to have a little bit of luck on your side, a whole lot of hard work and determination, and some good ideas. That is the story behind the man named Jimmy Pattison.

Jim Pattison was born in rural Saskatchewan. He had very humble and modest beginnings, but he was determined to make a name for himself and make a whole lot of money. At the tender age of 12, Jimmy had great entrepreneurial skills. He bought a large bag of seed, split it up into smaller bags, and resold them for a profit. In many ways, he continues to do that today with Overwaitea Foods and Save-on-Foods. He started with nothing, but today, he is one of the richest men in the world. According to Wikipedia, Pattison has a net worth of US$3.8 billion, placing him as the 230th richest person in the world.

Whether you were born in a big city like Toronto or in a small farm town in Saskatchewan, you have an opportunity to make a lot of money, earn a lot of respect, and truly make something of yourself. Take the story of Jimmy Pattison as inspiration.

On a side note, this statement appears on Pattison’s office wall: “There is no limit to what a man can do or where he can go if he doesn’t mind who gets the credit.”

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